[Form 4] Ares Management Corporation Insider Trading Activity

Rhea-AI Filing Summary

Insider transactions by Ares Management Corp (ARES) were disclosed on Form 4. Michael J. Arougheti, co‑founder and CEO, reported multiple sales on 08/25/2025 effected under a 10b5‑1 trading plan adopted December 13, 2024. The filing lists sales of 15,754; 24,233; 2,229; 2,344; and 200 shares at weighted average prices ranging from $176.99 to $181.26, totaling 44,760 shares sold that day. The form also discloses 1,400,000 restricted units granted under an equity incentive plan, each unit representing the right to one share upon vesting. Transactions were signed by a power of attorney on 08/26/2025.

Positive

• Transactions effected under a 10b5‑1 plan, indicating preplanned sales and providing procedural transparency
• Disclosure of 1,400,000 restricted units under the equity incentive plan, making potential dilution transparent

Negative

• Insider sold 44,760 shares on 08/25/2025 across multiple transactions, totaling material open‑market activity for that day
• Vesting schedule for the 1,400,000 restricted units is not specified in the Form 4, limiting visibility into timing of potential dilution

Insights

Financial Analyst

TL;DR: CEO sold 44,760 ARES shares under a preexisting 10b5‑1 plan; a large restricted unit grant is outstanding.

The sales were executed under a documented 10b5‑1 plan, which typically indicates preplanned disposition rather than ad hoc liquidity decisions. The disclosed weighted average prices span roughly $177 to $181, and the aggregate sold shares are 44,760. Separately, the report shows an award of 1,400,000 restricted units that convert to one share each upon vesting, which could meaningfully increase future insider-held shares when they vest. From a liquidity and dilution perspective, the restricted units are material in size, but the filing does not state vesting dates or current total beneficial ownership percentage, limiting valuation implications.

Corporate Governance Expert

TL;DR: Disclosure follows Rule 10b5‑1 and includes both open‑market sales and a large equity award; governance processes appear documented.

The reporting person checked the box indicating the transactions were pursuant to a 10b5‑1 plan, and explanatory footnotes provide weighted‑average price ranges for multiple trades, which improves transparency. The grant of 1,400,000 restricted units is clearly disclosed, with a note that vesting occurs in installments per the award agreement; however, precise vesting schedule details are not provided on this Form 4. The filing was executed by an attorney‑in‑fact, with signature dated 08/26/2025, consistent with procedural formalities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Arougheti Michael J

(Last) (First) (Middle)

1800 AVENUE OF THE STARS

SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ares Management Corp [ ARES ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Founder and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/25/2025		S(1)		15,754	D	$177.59(2)	29,006	I	By Atticus Enterprises LLC
Class A Common Stock	08/25/2025		S(1)		24,233	D	$178.23(3)	4,773	I	By Atticus Enterprises LLC
Class A Common Stock	08/25/2025		S(1)		2,229	D	$179.43(4)	2,544	I	By Atticus Enterprises LLC
Class A Common Stock	08/25/2025		S(1)		2,344	D	$180.37(5)	200	I	By Atticus Enterprises LLC
Class A Common Stock	08/25/2025		S(1)		200	D	$181.26	0	I	By Atticus Enterprises LLC
Class A Common Stock								1,400,000(6)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was effected pursuant to a 10b5-1 trading plan adopted on December 13, 2024 by the reporting person, or a vehicle controlled by him.

2. The price reported in Column 4 is a weighted average price. These shares were sold on August 25, 2025 in multiple transactions at prices ranging from $176.99 to $177.98. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote and footnotes 3, 4 and 5.

3. The price reported in Column 4 is a weighted average price. These shares were sold on August 25, 2025 in multiple transactions at prices ranging from $177.99 to $178.98.

4. The price reported in Column 4 is a weighted average price. These shares were sold on August 25, 2025 in multiple transactions at prices ranging from $178.99 to $179.98.

5. The price reported in Column 4 is a weighted average price. These shares were sold on August 25, 2025 in multiple transactions at prices ranging from $180.01 to $180.63.

6. Represents 1,400,000 restricted units granted under an equity incentive plan of Ares Management Corporation. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.

Remarks:

	/s/ Anton Feingold, by power of attorney	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares did Michael J. Arougheti sell according to the ARES Form 4?

The Form 4 reports sales on 08/25/2025 totaling 44,760 Class A shares in multiple transactions with weighted average prices from $176.99 to $181.26.

Were the ARES sales part of a 10b5‑1 plan?

Yes. The reporting person checked the box indicating the transactions were effected pursuant to a 10b5‑1 trading plan adopted December 13, 2024.

What equity awards were disclosed for ARES insiders?

The filing discloses 1,400,000 restricted units granted under Ares Management Corporation’s equity incentive plan, each unit convertible to one share upon vesting.

Does the Form 4 show how the restricted units vest?

The Form 4 states the restricted units vest in installments per the award agreement but does not provide specific vesting dates or schedule on this filing.

Who filed the Form 4 for ARES and when was it signed?

The Form 4 was filed reporting Michael J. Arougheti’s activity and was signed by Anton Feingold by power of attorney on 08/26/2025.